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VAULT
| Term | Definition |
|---|---|
| Assets | what a person owns of value, such as jewerly, savings, art, a home, and a car. |
| Bank | a place where people put their money for safekeeping, and for ease of use. |
| Brokerage Firm | helps people invest their money. |
| Budget | a spending plan people make in order to make sure there is enough income to cover all expenses. |
| Career | something you build by going to school and working jobs related to the career you want. |
| Certificate of Deposit | a savings certificate that gains interest and has a set time before you can withdraw your money |
| Charity | giving resources or volunteering time to help those in need. |
| Comparison Shopping | finding out wheter or not what you are about to buy can be found for a better price or in better shape at a different store. |
| Controlling Risks | stuff you do to make risks less dangerous or not dangerous at all. |
| Credit | a loan that a person uses to pay for things, but is expected to pay back. |
| Credit union | just like a bank, only its members own it. |
| Desision Making | considering differnet information to make a choice. |
| Entrepreneur | a person who starts his or her own business. |
| Expense | the cost of the things that people spend money on. |
| Financial advisor | a person who is an expert at handling money and an give you information and advice about saving and investing. |
| Financial institution | a place, like a bank, that helps its members manage their money. |
| Financial literacy | the knowledge and skills to manage money. |
| Health insurance | helps people pay for medicine and doctors when they are sick or hurt. |
| Impulse buying | buying stuff without thinking about wheter or not you need it. |
| Income | money earned from working and other means. |
| Income tax | an annual tax placed on the money employees make at jobs and collected by the federal government, most states, and some local governments. |
| Inflation | the price of goods and services rises over time |
| Interest | the extra fee charged for borrowing money, or the cost of borrying money. |
| Investing | when you purchase a security like a stock or bond, in the hopes that over time it will make money. |
| Job | work you do for money |
| Long-term goal | a goal that can be acheived in a longer amount of time. It can be months, years, or even an entire lifetime. |
| Need | something you truly can not live without. |
| Oppurtunity Cost | the cost we pay when we give up something to get something else. |
| Payment Method | what you use to pay for something, like cash or a check. |
| Peer Pressure | doing stuff just because your friends are doing it, or because you want your friends to like you and think you are cool |
| Privacy | keeping important information to yourself or between yourself and close family members. |
| Reliability | being trustworthy; being responsible |
| Risk | an activity or action that might be dangerous. |
| Risk prevention | stuff you do to stop consequences of risks from happening. |
| Salary | payment for work, represented as a yearly sum and paid in portions every week, two weeks, or month including sick time and vaction time. |
| Sales tax | a fee added to the sticker price of an item that is paid to the state or city. |
| Savings | money set aside for short or long term goals. |
| Saving account | an account that gains interest and allows withdrawals. |
| Short-term goals | a goal that can be acheived in a short amount of time. It can be a few days, weeks, or months. |
| Spend | to use money to buy stuff |
| taxes | fees placed on income, purcahses, or property to support government programs |
| Wage | payment for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule- usually every week, two weeks, or month. |
| Want | something you would like to have but will be okay without. |